$ATM / USDT ā Finding Support After a Downtrend? š¤
$ATM is currently trading at $1.081, showing a slight decrease of -1.19% today. The 4-hour chart indicates a recent downtrend that seems to have found potential support around the $1.070 level (the 24-hour low). Price action is showing some signs of stabilization in this area.
š§ Potential Scenarios:
Bullish Reversal:
* Potential Entry: Look for potential long entries if ATM shows strong signs of bouncing off the $1.070 support, with confirming bullish candlestick patterns or a break above a short-term resistance level (e.g., around $1.085).
* Initial Take Profit (TP): Target the previous swing high around $1.100.
* Further Take Profit (TP2): Aim for the 24-hour high of $1.113 if bullish momentum strengthens.
* Stop Loss (SL): Place your stop loss just below the $1.070 support, perhaps around $1.065, to protect against further downside.
Continued Consolidation:
* Potential Entry: If price action remains range-bound between $1.070 and a short-term resistance (e.g., $1.090), consider scalping opportunities within this range with tight stop losses.
* Take Profit (TP): Target the opposite end of the range for each trade.
* Stop Loss (SL): Place stop losses just outside the range to avoid being stopped out by volatility.
Bearish Continuation:
* Potential Entry: Consider a short entry if ATM breaks decisively below the $1.070 level with increasing selling volume.
* Initial Take Profit (TP): Target the next potential support level, which could be lower based on the longer-term trend.
* Stop Loss (SL): Place your stop loss just above the $1.075-$1.080 level to protect against a false breakdown.
ā ļø Outlook:
$ATM is at a point where it's testing a key short-term support level. The reaction here will be crucial in determining the immediate direction. The 24-hour volume of 448,385.38 ATM suggests moderate trading activity. Monitor price action and volume closely for confirmation of a bounce or a breakdown.
